Fergus picked up three titles on the PGA TOUR, including his first title at the Memorial in 1981. He also claimed two Nationwide wins in 1994, but hadn't won again until besting several of the Champions Tour's best players last year.
Not only were O'Meara and Irwin one back, Gil Morgan, Tom Purtzer and Brad Bryant finished two behind Fergus.
Last year was the first year of this championship.
GOLF CHANNEL has two hours of coverage on Friday, then three hours each of the final two rounds.
Next week the Champions Tour heads to the Dominican Republic for the inaugural Cap Cana Championship.